UOB is set to increase the charter capital of its Vietnam subsidiary to VND10 trillion, equivalent to S$520 million, pending approval by the State Bank of Vietnam. This fresh capital injection into UOB Vietnam amounts to VND2 trillion and, once completed, will position UOB Vietnam as one of the most capitalized foreign-owned banks in the country.
This marks the third capital injection by UOB into its Vietnam subsidiary since 2021, doubling its charter capital from that year. Besides financial commitments, UOB will invest in a new headquarters building located in the business district of Ho Chi Minh City. UOB Vietnam Plaza will accommodate most of its 1,500 employees and is designed to support future business growth with sustainable features.
The completion of this headquarters signifies UOB's establishment of local headquarters in all its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and now, Vietnam. “UOB has established the most extensive footprint in Southeast Asia, and we have been part of the ASEAN growth story. Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country. Having our own headquarters buildings in all five of our key ASEAN markets underscores our confidence in this region and the steadfast support for our customers and the communities,” stated Mr. Wee Ee Cheong, Deputy Chairman and CEO, UOB.
UOB Vietnam's journey began in 1993 with the establishment of a representative office, followed by the opening of a branch in Ho Chi Minh City in 1995, making it the first Singaporean bank to do so. It remains the only Singaporean bank with a subsidiary in Vietnam, operating five branches with 1,500 staff in Ho Chi Minh City and Hanoi.
The bank also announced an acquisition of Citigroup's consumer banking businesses in Indonesia, Malaysia, Thailand, and Vietnam, with integration expected by year-end. UOB Vietnam is investing significantly in digital technology and AI for a new digital banking platform launching soon. For corporate clients, the bank supports business operations across supply chains and assists in advancing sustainability goals.